BLBG:Gold Drops in London as Metal Subject to ‘Opportunistic Selling’
Gold declined in London on investor sales after the biggest rally in almost three weeks.
Gold jumped 0.8 percent yesterday, the most since Jan. 10, on demand for a haven because of a shrinking U.S. economy. Growth will bounce back in the current quarter, according to economists at JPMorgan Chase & Co., Bank of America Corp. and Morgan Stanley.
“Gold lacks a convincing catalyst near term to take it convincingly higher and instead remains susceptible to opportunistic selling,” said Xiao Fu, an analyst at Deutsche Bank AG, in a report dated today.
Gold for immediate delivery dropped 0.1 percent to $1,674.70 an ounce at 11:04 a.m. in London. Prices are down less than 0.1 percent this month, heading for the fourth consecutive decline.
Platinum fell 0.8 percent to $1,673 an ounce and is heading for an 8.7 percent gain for January, the biggest monthly advance since August. Palladium dropped 1.6 percent to $737 an ounce, narrowing this month’s gain to 4.6 percent. Silver declined 0.2 percent to $31.965 an ounce and is up 5.3 percent for January.
To contact the reporter on this story: Claudia Carpenter at ccarpenter2@bloomberg.net
To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net
